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United States - Grover Norquist, Only in America!

By: Ian Campbell | Thursday, November 15, 2012

Multiple articles each day now expend ink, paper, and computer screen space
that discuss the U.S. 'fiscal cliff' and its possible ramifications, almost
as if it is something new and different. There is nothing new and different
about it. Simply put, if existing legislation isn't amended, that will give
rise to U.S. tax increases and budget cuts.

From my perspective, the results of last Tuesday's U.S. election do not give
rise to a clear path to a less polarized Washington.

"oppose any and all efforts to increase the marginal income tax rate for
individuals and business"; and,

"oppose any net reduction or elimination of deductions and credits, unless
matched dollar for dollar by further reducing tax rates".

I suspect the number of signatories to this 'Norquist witnessed pledge'

is different from 238 Congressmen today. Mr. Norquist's 'Americans for Tax
Reform' website shows 279
'Incumbent Signers' and 286 'Challenger Signers', and as of this morning
seems not to be updated for numbers of elected House and Senate members who
have signed 'the Pledge' following last week's elections.

That said, the 'Grover Norquist factor' may play an important part in what
have to be upcoming debates and negotiations over fiscal cliff issues. While
one might say that:

Mr. Norquist might succeed in bringing influence to bear on his 'pledge
signatories' in the next few weeks

the issues at hand are far too important to be influenced by a single lobbyist.

That said, one can hardly fault Mr. Norquist for organizing what he has organized.
The real issue is with those politicians, whether today elected or defeated,
that signed such a 'witnessed pledge' in the first place.

You might also want to read Jeff
Flake Promises Not To Sign Tax Pledge He Already Signed. That article
reported weeks before last week's election that Jeff Flake (elected in Arizona
last week to the Senate) said he had not and would not sign the Norquist
no-tax pledge. Mr. Norquist's group says he has already signed. Think of
the 'play on a name' fun Jon Stewart could have with that.

Through his www.BusinessTransitionSimplified.com website
and his Business Transition & Valuation Review newsletter Ian R. Campbell
shares his perspectives on business transition, business valuation and world
economic and financial markets influences on those two topics. A recognized
business valuation and transition authority, he founded Toronto based Campbell
Valuation Partners Limited (1976). He currently is working to bring his business
valuation and transition experience to both business owners and their advisors
in our new economic, business and financial markets normal.